DATE: 20040527
DOCKET: C40848
COURT OF APPEAL FOR ONTARIO
RE:
ISOBORD ENTERPRISES INC. (Plaintiff) (Respondent) – and – STONE & WEBSTER CANADA LIMITED, STONE & WEBSTER ENGINEERING CORPORATION, CHUBB INSURANCE COMPANY OF CANADA, CANADIAN IMPERIAL BANK OF COMMERCE, DRESDNER BANK OF CANADA, FARM CREDIT CORPORATION, MANITOBA DEVELOPMENT CORPORATION, ARCA INVESTMENTS INC., ASSOCIATION DE BIENFAISANCE ET DE RETRAITE DES POLICIERS DE LA COMMUNAUTE URBAINE DE MONTREAL, HOOPP INVESTMENTS MANAGEMENT LIMITED, on behalf of Hospitals of Ontario Pension Plan, MANITOBA CAPITAL FUND LIMITED PARTNERSHIP, MIRALTA CAPITAL II INC., VISION CAPITAL FUND LIMITED PARTNERSHIP and WORKING VENTURES CANADIAN FUND INC. (Defendants) (Respondents) (Appellants)
AND RE:
CANADIAN IMPERIAL BANK OF COMMERCE (Plaintiff by Counterclaim) (Respondent) – and – ISOBORD ENTERPRISES INC., MCF MANAGEMENT INC., MIRALTA CAPITAL INC. and ISOSTRAW MANITOBA LIMITED PARTNERSHIP (Defendants to the Counterclaim) (Respondent) (Appellant)
BEFORE:
WEILER, ROSENBERG and BLAIR JJ.A.
COUNSEL:
Donald A. Douglas and Lisa S. Corne for the appellants
Kevin P. McElcheran for the respondent CIBC
Richard H. Shaban and J.W. MacLellan for the respondent Chubb
HEARD & ENDORSED:
May 21, 2004
On appeal from the orders of Justice Susan G. Himel of the Superior Court of Justice dated September 22, 2003.
A P P E A L B O O K E N D O R S E M E N T
[1] The naming of the appellants on the bond did not give the appellants the independent right to recovery under their lending agreements. We are not persuaded that we should interfere with the motion judge’s interpretation of the inter‑lender agreement.
[2] We agree with the reasons reached by Himel J. The appeals are dismissed. Costs of the appeals are to the respondents and are fixed in the amount of $5,000 each.